Formerly a city of commuters, Burlington, has become a destination that people can call home, and an area of interest to investors.
For starters, Burlington has become a more attractive place to live. The city is home to 183,000 people and plays an important role in several industrial sectors, including food processing, packaging, electronics, chemistry and pharmacy, but it has been able to transcend those industrial building blocks and cover more attractive aspects. from its location, including its proximity to the lake and access to the Niagara Escarpment.
Maclean ranked Burlington as the best community in Canada in 2019, and MoneySense magazine considers it one of the best medium-sized cities in Canada.
Vince Molinaro, president of the Molinaro Group and developer of condominiums and commercial real estate in Hamilton and Burlington, in a recent technical report, explains why investing in Burlington is more attractive now than in the past.
“Burlington has become a place of access for many smart investors because of its location, lifestyle and the quality of available projects,” Molinaro said.
There has been a growing interest in condominium developments, which are becoming more attractive than other types of residential investment properties in Burlington, such as single-family and small multi-family units. Molinaro agrees and says that all of his condos are sold out “year after year, project after project”.
Although condominiums are nothing new, there are external limitations that make them an increasingly necessary part of life in the city.
“The construction of Green Field means that there is not much land left in Burlington for single-family homes or townhouses,” Molinaro said. “Most of the land available within the urban limit of Burlington has been used, and the province will not allow additional construction. Most, if not all, of the new construction in Burlington will be medium and high-rise condominiums.”
However, that is not necessarily a bad thing. The entrance price of condominiums is attractive compared to low-rise housing, and that makes the property much more accessible for buyers and / or investors for the first time. While condos tend to be smaller, they offer amenities that are not available in low-rise products: luxurious pool and spa facilities, party rooms, fully equipped guest suites, terraces and terraces, theater and games rooms, and even Lifestyle amenities and outdoor exercise.
The condos also offer a cost-sharing model that ensures that all of these facilities are properly maintained.
Demand is high, and developers such as the Molinaro Group are working to launch new products to the market as quickly as possible. Although condos are generally considered less desirable than separate individual properties, buyers with prices outside the Toronto market are still looking for a place to live. Investors can capitalize on this dynamic.
“It is never too late to enter the market, given the history of appreciation of land and housing prices. So, if you are interested in owning Burlington, act now. Keep in mind that investing in real estate is about invest in your future. There are few investments that can say that. After all, you cannot live or rent a mutual fund, “Molinaro said.
Thinking about moving or investing in Burlington? Contact me and I will offer you the best advice in the market!
source: Canadian Real Estate Magazine